The NSW Government has taken an important step towards the development of a comprehensive housing affordability strategy aimed at helping first-time homeowners enter the property market.

Premier Gladys Berejiklian has established a cross-government working group to explore all options to make housing more affordable for NSW residents.

Ms Berejiklian told NSW Parliament today that former Reserve Bank of Australia governor Glenn Stevens had accepted a personal invitation to provide input into the strategy.

“The NSW Government understands that housing affordability is top of mind for many people across the State – that is why we have made it a key priority and why we have asked Glenn Stevens to lend his expertise to tackling this issue,” Ms Berejiklian said.

“I am delighted that Mr Stevens, as an economist and long-serving leader of the Reserve Bank, will help us address this important issue,” she said.

“His advice will be invaluable in assessing measures that can have a real impact while avoiding any unforeseen consequences.”

Mr Stevens, who last year retired after 10 years as RBA governor, will review and provide advice on the options being considered by the Government to tackle housing affordability issues in the State, and in Sydney in particular.

“Housing affordability is a growing challenge for many residents of NSW and I look forward to working with the Government on measures that might help address it,” Mr Stevens said.

“I am pleased that the Government has indicated it has an open mind when it comes to reviewing existing and new avenues of dealing with the issue.”